The Federal Government has praised President Bola Ahmed Tinubu’s economic agenda, saying the country’s economy is showing notable improvement due to bold reforms, strategic planning, and a renewed national focus.
Minister of Budget and Economic Planning, Senator Atiku Bagudu, made this known in an exclusive interview featured in a documentary marking President Tinubu’s second year in office, set to be aired in the lead-up to the May 29, 2025 anniversary.
According to a statement issued by the President’s Special Adviser on Information and Strategy, Mr. Bayo Onanuga, the minister credited recent economic progress to President Tinubu’s willingness to confront long-standing challenges with courage and clarity.
Bagudu explained that the administration’s Renewed Hope Agenda has begun to restore investor confidence both locally and internationally, while also putting the economy on a path of steady growth.
“In the past year, we’ve witnessed four consecutive quarters of economic growth, improved stability in the exchange rate, and increasing interest from investors and global financial institutions,” he said.
The minister pointed to increased investment in key areas such as agriculture, energy, and infrastructure, noting that partnerships from countries including Brazil, Belarus, and Saudi Arabia reflect a renewed global trust in Nigeria’s economic direction.
Bagudu attributed these developments to greater transparency, consistent policies, and the government’s focus on credible economic data.
“What investors are looking for is certainty—policies they can trust, numbers they can verify, and an environment where they can operate with confidence,” he stated.
He further highlighted that, for the first time in over two decades, Nigeria has begun refining petroleum domestically, thanks to the President’s decision to allow crude to be sold in naira to local refiners—demonstrating his belief in building the nation’s internal capacity.
He described the removal of fuel subsidies and the unification of the foreign exchange market as bold moves that have reduced waste and restored fairness. “Subsidies were draining the economy, costing nearly five percent of our GDP,” Bagudu noted.
“By ending them, the President ensured more efficient use of national resources.”
The minister said the government’s foreign exchange reforms have also brought greater transparency to the financial system, promoting a more competitive and reliable market environment.
Discussing the current budget framework, Bagudu explained that the 2024 and 2025 budgets were carefully crafted to balance fiscal discipline with targeted investments in key sectors such as education, healthcare, technology, infrastructure, and national security.
He added that deficit reduction measures in the 2024 budget were well-received by financial markets, demonstrating the government’s seriousness in addressing economic concerns.
In addressing the country’s debt burden, Bagudu commended the President’s decision to respect the autonomy of the Central Bank of Nigeria, even while managing over N22 trillion in inherited Ways and Means borrowing.
